"The price increases of the last half year haven't affected the statistics yet, but we expect foreclosures to drop another 50 percent by spring," he said.

The economic and housing slump during much of the first half of the decade left thousands of homeowners unable to meet mortgage payments on properties - many of which had declined in value 30 percent or more.

The foreclosure pain hit record levels in March of last year, when 15,475 residential property owners went into foreclosure. However, not all homeowners who go into formal foreclosure lose their property. They have 90 days to make up back payments before lenders can sell the property.&lt;